Cronos Group, a vertically integrated marijuana company, has been doubling down on the cannabis oils space over the last few quarters as it looks to bolster margins and drive greater product differentiation. During Q3 2018, the company saw 29% of its revenue come from cannabis oils, up from levels of around 19% in the previous quarter. Below we take a look at some of the trends driving the company’s push into cannabis oils and what lies ahead.

Research and Development (R&D) expenditures are an important metric that investors look at when analyzing companies in an early-stage, nascent industry such as cannabis. R&D expenditures can be used for a variety of purposes, including product development and testing. In an evolving industry such as cannabis, a strong brand offering is a key differentiator essential for customer retention and obtaining a competitive advantage. Strong brands can be created by providing consumers with products that are differentiated from competitors, which in turn requires R&D spending. R&D spending is also important in developing new product lines. Non-traditional cannabis products, such as cannabis-infused beverages and edibles, will require significant development and testing costs.

In what is becoming an interesting take on the growing cannabis industry in North America, statistics are showing that the beer industry is being impacted negatively as people switch from an alcoholic beverage to pot. No, this doesn't necessarily mean people are opting to get high instead of drunk, either.

According to the Motley Fool, in states where cannabis is legal for medicinal purposes, beer sales fell on average by 15 percent last year. In countries where pot is legal, alcoholic beverage sales have dropped 20 percent.

Investors have flooded into marijuana stocks in the hopes of finding huge returns as legalized cannabis spreads across North America. The opening of the Canadian recreational market gave those following the industry hopes to score their most impressive growth opportunity yet, and across the globe, a number of countries are looking at making marijuana more readily available for consumers.

The marijuana industry is absolutely firing on all cylinders this year, and investors have clearly taken notice. Our neighbor to the north, Canada, removed nine decades of recreational cannabis prohibition on Oct. 17, while two additional stateslegalized marijuana in some capacity in the U.S. during midterm elections. Beyond these major North American events, investors have also seen a slew of first-time occurrences in the weed industry in 2018.

But for as great as things have been for pot stocks, one thing is still missing: profits.

Last week, WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) announced the acquisition of a license from Health Canada to sell cannabis grown at its facility in Strathroy, Ontario. Under the terms of the license, the company can now transport cannabis from Strathroy to Aylmer, Ontario where they have indoor packaging and distribution space.

With 44,000-square-feet of space already approved, and another 60,000-square-feet awaiting the okay from Health Canada, WeedMD appears well on track to reach their production goals for the new year.

If you're highly skeptical of the multibillion-dollar market caps of some of the most well-known marijuana stocks, there are other alternatives.

Two that immediately jump to mind are The Green Organic Dutchman (NASDAQOTH:TGODF) and Innovative Industrial Properties (NYSE:IIPR). The former sports a market cap of a little less than $1 billion, while the latter claims a much smaller market cap of just shy of $400 million.

Earlier this fall, Coca-Cola had reportedly stated its interest developing drinks infused with CBD, the non-psychoactive cannabinoid compound in marijuana often taken to treat conditions ranging from insomnia and anxiety to pain management.

And in the days before recreational legalization in Canada when interest in all things pot-related was reaching its peak, news broke that Coca-Cola had been in talks with Edmonton-based cannabis company Aurora Cannabis , which caused Aurora’s share price to immediately shoot up 17 per cent. The run prompted a halt in trading in ACB, while a Canadian regulator pushed Aurora into publishing a statement attesting to the fact that “no agreement, understanding or arrangement” had in fact been made with Coca-Cola.

Both Aurora Cannabis (NYSE:ACB) and Hexo Corp.(NASDAQOTH:HYYDF), formerly known as Hydropothecary, have given investors a roller-coaster ride so far in 2018.

Hexo shareholders have probably enjoyed the ride more. The marijuana stock is up close to 45% after doubling earlier in the year, while Aurora Cannabis is down more than 15% year to date.

Which of these stocks is in the better position to deliver more ups than downs to investors in the future? Here's how Aurora Cannabis and Hexo stack up against each other.

Direct or indirect? That's the choice when it comes to investing in either Aphria (NYSE:APHA) or Innovative Industrial Properties (NYSE:IIPR).

Aphria is the direct option. The company ranks as one of the top marijuana growers in the world. Innovative Industrial Properties is a real estate investment trust (REIT) that focuses on the cannabis industry, making it more of an indirect marijuana play.

So far this year, Innovative Industrial Properties stock has performed significantly better than Aphria has. But which of these two marijuana stocks is the better pick now?